Tag Archives: divorce finances

Steps Needed for Financial Success After DivorceMuch of your work during your divorce will go towards ensuring that you are financially viable afterward. Through the division of property, you will lose assets that you may have been counting on for both your short-term stability and long-term investing. Holding onto key assets and establishing fair support payments is vital in reworking your financial plan. However, your divorce agreement is a starting point and not the end goal. You must follow through with wise decisions so as not to squander your hard work during the divorce.

Immediate Actions

When your divorce becomes officials, there are several changes you must make to acknowledge that you are no longer married:

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Changing Your Vehicle Insurance After DivorceSeparating your auto insurance from your spouse's insurance is one of the actions you must take after finishing your divorce. There is no urgency to do it during your divorce, and finalizing who owns which vehicle will help with the process. However, getting separate insurance policies requires more than a simple phone call. You and your former spouse must take multiple measures to ensure you are no longer tied to each other through your insurance. It may also be time for both of you to shop around for different policies.

Joint Decision

You cannot remove your spouse from your combined auto insurance policy without his or her permission. Having auto insurance is a legal requirement for drivers. Ending your spouse’s insurance without permission may cause him or her to unknowingly break the law by driving. If your spouse is involved in a crash while uninsured, he or she may bear a greater financial burden for property damage and personal injury expenses.

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Financing the Cost of Your DivorceDivorce is an expensive process. Beyond what you may give up in the divorce settlement, you are responsible for paying attorney and court fees. You may need an alternative form of financing if your available income cannot pay for your legal fees. Establishing credit or liquidating assets involves its own risks. You must carefully consider the consequences of each form of financing before making your decision.

Bank Loans and Credit Cards

If you have a good credit rating, you can pay your legal fees by taking out a loan or charging it to a credit card. Naturally, you will pay more over time because of interest. However, you must also consider what level of payments you will be able to afford after your divorce. You, and not your spouse, are responsible for the debt you create after you file for divorce.

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Financial Mistakes to Avoid During Your DivorceIt is easy to think of a divorce settlement in terms of winners and losers. You may feel like you won the negotiations if you obtained most of the marital properties you wanted and secured favorable support payments. However, there is more to a divorce settlement than the initial financial totals:

  • Property ownership can come with additional expenses;
  • Some properties have more potential for growth; and
  • How support payments are structured can favor one side in terms of taxes.

You need to take a broad perspective of the financial consequences of your divorce settlement.

Pursuing Your Home

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Controlling Your Finances After DivorceGetting a divorce can lift the emotional burden of being in a stressful marriage. However, single life has its own stresses, not the least of which is the financial adjustment. Your household income may be decreased, or you may be responsible for monthly support payments to your former spouse. Expenses you once shared with your spouse are now your individual responsibility. It can be a harsh adjustment if your former spouse was in charge of keeping track of your finances. You can take steps during and after your divorce to help yourself deal with your new financial independence.

Divorce Settlement

When negotiating the terms of your divorce, support payments and the division of property can give you some financial security. Child and spousal support, in particular, can benefit you for years:

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Goostree Law Group

Goostree Law Group

 555 S. Randall Road, Suite 200
St. Charles, IL 60174

 630-584-4800

 1770 Park Street, Suite 205
Naperville IL 60563

 630-364-4046

 400 S. County Farm Road, Suite 300
Wheaton, IL 60187

 630-407-1777

Our Illinois divorce attorneys represent clients in Kane County, DuPage County, Kendall County and DeKalb County, including Geneva, Batavia, St.Charles, Wayne, Wasco, Elburn, Virgil, Lily Lake, Aurora, North Aurora, Elgin, South Elgin, Bartlett, Crystal Lake, Gilberts, Millcreek, Maple Park, Kaneville, LaFox, Yorkville, Oswego, Plano, Sugar Grove, Big Rock, Bristol, Newark, DeKalb, Sycamore, Naperville, Wheaton, West Chicago, Winfield, Warrenville, Downers Grove, Lombard, Oak Brook, Streamwood, Hoffman Estates, Barrington, South Barrington, Lake Barrington, Schaumburg, Big Grove, Boulder Hill, Bristol, Joliet, Kendall, Lisbon, Minooka, Montgomery, Plainfield, Sandwich, Yorkville and many other cities.

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